Advanced Micro Devices

(AMD) - Get Report

said Wednesday it will replace W.J. Sanders III as its chief executive at its annual shareholders meeting in April 2002.

The semiconductor manufacturer expects Dr. Hector de J. Ruiz, its president and chief operating officer, to succeed Sanders as chief executive. Sanders will remain chairman of the board through 2003 and will continue to play an undefined role, taking on specific assignments from Ruiz, the company said. Sanders co-founded the Sunnyvale, Calif.-based company in 1969.

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In January, AMD's board approved the

repurchase of up to $300 million of the company's common stock over a period determined by its management. The company has 313.4 million shares outstanding.

Shares of AMD rose 94 cents, or 3.9%, to $24.75 on the

New York Stock Exchange

Wednesday.